Statement of Deviation or Variation in utilisation of funds raised, under Regulation 32 of SEBI (LODR) 2015 noted by the Board in it''s Meeting held on 13th November 2025 and certified ....
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Airfloa Rail Technology, which raised Rs. 91.10 crores through a public IPO in September 2025, has filed its half-yearly statement on the use of those funds as required by SEBI rules. Out of the net IPO proceeds of Rs. 88.85 crores, the company has utilised Rs. 46.07 crores so far, with Rs. 42.77 crores still lying unutilised in the Public Issue Account and Monitoring Agency Account. The full Rs. 6 crores earmarked for loan repayment has been deployed, Rs. 39.71 crores of the Rs. 59.27 crores working capital allocation has been used, but capex deployment has barely begun at just Rs. 36 lakhs out of Rs. 13.68 crores planned. The auditor has confirmed that all usage is in line with what was promised in the offer document, with no deviations, no cost revisions, and no delays reported. General Corporate Purpose funds of Rs. 9.9 crores remain entirely untouched.
Reassuring for shareholders as the auditor confirms zero deviation from the stated use of funds and no project delays, though investors should watch capex deployment closely since only about 2.6% of the planned capex has been spent so far. The large unutilised balance is normal for a recently listed company but must be deployed within the timelines promised in the offer document.